The APAC Automotive Telematics Market is estimated to be valued at US$ 22275.64 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Automotive telematics refers to the use of telecommunication and electronic devices in vehicles to provide location and vehicle tracking information as well as wireless access to wide range of services. Automotive telematics improve safety, enhance vehicle diagnostics and fuel efficient driving through vehicle monitoring and real-time vehicle tracking. Automotive telematics also offer emergency calling, navigation and info-mobility services for drivers. Market key trends: The APAC automotive telematics market is driven by the growing adoption of connected vehicle technology in the region. Connected vehicle integrates vehicle's telematics control unit (TCU) with internet of things (IoT) and wireless networks to enable two way communication between vehicle and telematics service provider. Connected vehicle technology offers wide range of services such as eCall, infotainment, remote diagnostics, vehicle management, traffic management and pay-as-you-drive insurance. The rising need for vehicle tracking, navigation, and emergency calling services is fueling the demand for connected vehicles in APAC region. Major automakers are focusing on developing advanced connected cars equipped with 4G/5G connectivity,advanced driver assistance systems and autonomous driving features to enhance driving experience and road safety in the region. Porter’s Analysis Threat of new entrants: The APAC automotive telematics market presents low threat of new entrants as it requires huge investment and infrastructure for R&D and product development. The market is dominated by few major players. Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have large number of established players to choose from and can negotiate on pricing and customized services which are not easily available. Bargaining power of suppliers: The bargaining power of suppliers is low since the suppliers mainly provide standard components and software. Suppliers don't have pricing leverage. Threat of new substitutes: There is low threat of substitutes as telematics provides better value propositions like safety, convenience, security and optimized vehicle usage compared to traditional systems. Competitive rivalry: Intense between major players to gain market share and expand footprint in emerging nations. SWOT Analysis Strength: Well established brands and global presence, innovative product offerings, strong R&D capabilities. Weakness: High research and development costs, rapidly changing technology may lead to interrupt disruption. Opportunity: Growth in shared mobility services, adoption of electric vehicles, increasing focus on driver safety and assistance features. Threats: Stringent regulations regarding data privacy, cyber threats, economic slowdowns impacting automotive sales. Key Takeaways The Global APAC automotive telematics market Size is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing vehicle production and sales across APAC nations. China is projected to dominate the APAC automotive telematics market, followed by Japan and India. Regional analysis: The APAC region is projected to be the fastest growing market for automotive telematics globally due to the presence of major automotive hubs like China, India and Japan. China held largest market share of over 30% in 2023 owing to rising vehicle parc and government mandates for telematics devices in commercial vehicles. India is expected to exhibit strong growth at CAGR of 22% during the forecast period on account of increasing vehicle financing and rising tech savviness. Key players: Key players operating in the APAC automotive telematics market are Denso Corporation, Panasonic Corporation, Clarion, Masternaut Limited, Continental AG, Qualcomm Technologies, Inc. LG Electronics, Harman International Industries, Inc., Trimble Inc., and I.D. Systems. These players are focusing on developing customized and integrated solutions for fleet management, navigation, diagnostics, and safety & security. Read more https://www.ukwebwire.com/automotive-telematics-market-size-share-growth-outlook-2023/
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